Offshore Banking
Common enquiries
The most commonly asked queries about our overseas banking services
- Is tax deducted from interest paid?
With effect from 1st July 2005, the EU Savings Tax Directive was implemented throughout the European Union, Switzerland and a number of associated and dependant territories including the Channel Islands. For residents outside of the Channel Islands to whom the directive applies tax will be withheld at the appropriate rate unless customers elect for the information to be exchanged with the Guernsey Income Tax Authority. Details of your account and interest earned will subsequently be reported to either the tax authority of the country in which you reside or where you have a tax liability. - How can I access my funds from overseas?
Once we have received your instructions, we can transfer funds from your Guernsey account to any other UK bank. Transfers abroad can be made from either an Offshore Current or Pathfinder Worldwide account by:- SWIFT
- TIPA-NET
- Sterling or Currency drafts
- by Structured Payment
- by CHAPS EURO
- How can I keep in touch with my Guernsey account?
There are three ways:- On-line, 24 hours a day, using the bank's Internet Banking service
- By telephone, 24 hours a day, using the bank's Telephone Banking service on 08457 212 212 or from overseas on +44 8457 212 212
- By telephone direct to Guernsey branch between 9am and 5 pm, Monday to Friday (UK time).
Telephone: +44 1481 710527
Fax: +44 1481 713079
e-mail: guernsey@co-operativebank.co.uk
- How can I deposit money in my account from overseas?
Funds can be received in four ways:- by an electronic SWIFT payment
- by an international money order
- by a sterling or currency draft/cheque
- by an on-line transfer from another Co-operative Bank account.
- How can I make transfer requests from abroad?
In the majority of cases, written confirmation is required for a transfer request to be actioned. This can be sent by fax if you register for our Fax Indemnity service. Alternatively, you can handle your transfers to UK Banks direct by using the Bank's Internet Banking Service. - Who can open offshore Bank accounts?
Offshore accounts are available to UK, Channel Island or Isle of Man residents and to British expatriates living overseas. - Can a salary be paid in?
Yes, a salary, pension or dividend can be mandated to an offshore account. - What documentation is needed to open an account?
A fully completed application form and proof of your identity and address is required.
All Banks are required by law to establish the identity of their customers before they open an account. To meet this requirement you will need one item from each of these following lists:
Identity - certified copies of:- Current valid passport
- National identity card
- Armed Forces identity card
- Full UK driving license
- Driving license with photo
- Utility bill
- Local Authority bill
- Bank, Building Society or credit card statement
- Letter from public body - Government office, Inland Revenue
- Driving license (if not used as proof of ID)
Deposits made with Guernsey (which is a branch of The Co-operative Bank plc) are not covered by the Financial Services Compensation Scheme as published under The Financial Services and Markets Act 2000. The branch is licensed under The Banking Supervision (Bailiwick of Guernsey)Law 1994 as amended and registered under The Banking Business (Jersey) Law 1991. Copies of the most recent audited accounts of The Co-operative Bank plc are available upon request.
